Memecoins
PEPE overturns Uniswap, MYRO up 52%: why are Memecoins pumping?
In recent weeks, meme coins, which are cryptocurrency tokens inspired by memes or Internet trends, have significantly increased in popularity. Despite being known for their volatility, popular meme coins such as Myro (MYRO), FLOKI (FLOKI), JasmyCOin (JASMY), and Pepe (PEPE) have consistently shown gains and have been among the best performing coins in the cryptocurrency market .
The entire cryptocurrency industry has seen positive momentum, especially after the approval of spot ETFs on Ether in the United States, greater institutional adoption of Bitcoin and the anticipation of a cryptocurrency bull run. As a result, various altcoin sectors have attracted investor interest with price recoveries, bullish trends and new record highs.
Pepe (PEPE) overturns Uniswap in terms of market capitalization
According to CoinMarketCap data, the Pepe meme coin has overtaken the Uniswap (UNI) token, the native token of the largest Ethereum DEX. The meme coin has a market capitalization of approximately $7 billion, placing it above Uniswap, which has a market capitalization of approximately $6.63 billion.
Pepe (PEPE) Price Chart (Coinmarketcap.com)
Pepe (PEPE) also momentarily outperformed Polygon (MATIC) on Monday morning. MATIC’s market capitalization fell slightly below that of Pepe after the latter reached a new all-time high of $0.00001718 this morning. However, Polygon regained its position, leading the Pepe meme coin by only around $200 million.
Pepe has become one of the best performing coins in recent weeks, recording a 75% profit and a 139% increase compared to last month. According to CMC data, Pepe is the third largest meme coin on the market and has become the nineteenth largest coin by market capitalization.
MYRO, FLOKI, JASMY and other memecoins post impressive gains
THE Myro price it has skyrocketed more than 52% in the past week, with a gain of 4% in the past 24 hours, and is currently trading at $0.262. This notable surge is a clear indication of growing confidence among investors in this relatively new meme coin.
MYRO price has performed well in recent days, contributing to a monthly performance firmly in positive territory. As a result, the price of Myro has increased by more than 77% in the last month.
Other popular meme coins such as FLOKI, JASMY, BONK and WIF are among the coins that gained the most in the last 24 hours. Looking at the daily charts, FLOKI (FLOKI) is up over 20%, JasmyCoin is up 9.65%, and Bonk (BONK) is up over 5%. This impressive performance raises the question of why meme coins are seeing such significant increases.
Why are Memecoins on the rise?
The FLOKI team recently announced that the fifth largest meme coin is currently trending on the Binance exchange as the hottest meme coin in the world. It outperformed all other meme-based crypto tokens. This impressive performance followed a token burn event, the recent listing of $FLOKI perpetual futures on Coinbase, and the release of its Launchpad v2.0 staking.
While there is no direct reason for the rising prices of these meme coins, there are several possible explanations.
One theory is that retail investors often play a significant role in memecoin markets and return to this space after a period of dormancy. Furthermore, some analysts believe that the altcoin market, which includes all other cryptocurrencies besides Bitcoin (BTC), is poised for massive growth in the coming weeks.
In particular, meme coins such as DOGE, SHIB, Pepe, dogfight (WIF) and others are expected to play a key role in this growth. AS reported previously by BanklessTimes, if this trend continues, we could see the altcoin market triple in value in a matter of weeks.